#457 – Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom

In his classic 1962 book Capitalism and Freedom, Nobel Prize-winning economist Milton Friedman argues that a society cannot maintain political freedom without a robust commitment to free-market capitalism—and that for capitalism to function best, it must be free of government interference. It is hard to overstate the extent to which Friedman’s once-controversial ideas have triumphed. Over the past 40 years, governments across the world have moved to market-based solutions by reducing marginal tax rates, eliminating tariffs, privatizing public monopolies, and introducing choice in public education. Some might disagree about the effects of Friedman’s ideas—but no one can deny their influence.

In What Money Can’t Buy, philosopher Michael J. Sandel argues that market values have become society’s dominant moral framework, the lens through which we determine what is important or unimportant as well as right and wrong. Sandel warns that the logic and incentives of markets—where there’s no limit on what’s for sale as long as someone’s willing to buy it, and individual self-interest trumps the common good—have supplanted older value systems which held that some things were too important to be subject to the forces of supply and demand. He writes that this triumph of market values has had severe moral and social consequences.

In this guide, we explore Sandel’s chief moral objections to the market society—that markets inevitably lead to the inequitable distribution of essential goods, services, and experiences, and that the dominance of market values and market-based thinking corrupts our moral, civic, and social virtues. We also balance out Sandel’s perspective on market values with commentary from pro-capitalist writers who make the moral case for markets.

What’s the goal of our society and its laws? What should this goal be? In Justice, American political philosopher Michael Sandel explores how political philosophers throughout the ages have answered these questions. Then, he offers his own critiques, insights, and examples to show how these abstract theories can apply to real-life political and moral dilemmas.

In our guide to Justice, we’ll explore Sandel’s take on a number of major philosophical and political dilemmas like freedom versus welfare, reason versus virtue, and the individual versus the community. Then, we’ll examine the real-life political and moral dilemmas that Sandel uses to inform these contrasting views. Through our commentary, we’ll offer alternative philosophical views on justice, the history of philosophy, and the specific examples that Sandel offers.

In his classic 1962 book Capitalism and Freedom, Nobel Prize-winning economist Milton Friedman argues that a society cannot maintain political freedom without a robust commitment to free-market capitalism—and that for capitalism to function best, it must be free of government interference. It is hard to overstate the extent to which Friedman’s once-controversial ideas have triumphed. Over the past 40 years, governments across the world have moved to market-based solutions by reducing marginal tax rates, eliminating tariffs, privatizing public monopolies, and introducing choice in public education. Some might disagree about the effects of Friedman’s ideas—but no one can deny their influence.

The Shock Doctrine by Naomi Klein is a study of the history of economic shock therapy, which aims to quickly improve a country’s economy through rapid privatization, deregulation, and severe cuts in government spending. She also describes how it gave rise to the disaster capitalism complex: a privatized system of destruction and rebuilding that funnels billions of dollars into corporate pockets. The book discusses the incredible harm that economic shock therapy and disaster capitalism have caused to millions of people all over the world.

Klein is an award-winning author, filmmaker, and activist. She’s dedicated her life to studying the personal and environmental harms that result from wars and unchecked capitalism.

In What Money Can’t Buy, philosopher Michael J. Sandel argues that market values have become society’s dominant moral framework, the lens through which we determine what is important or unimportant as well as right and wrong. Sandel warns that the logic and incentives of markets—where there’s no limit on what’s for sale as long as someone’s willing to buy it, and individual self-interest trumps the common good—have supplanted older value systems which held that some things were too important to be subject to the forces of supply and demand. He writes that this triumph of market values has had severe moral and social consequences.

In this guide, we explore Sandel’s chief moral objections to the market society—that markets inevitably lead to the inequitable distribution of essential goods, services, and experiences, and that the dominance of market values and market-based thinking corrupts our moral, civic, and social virtues. We also balance out Sandel’s perspective on market values with commentary from pro-capitalist writers who make the moral case for markets.

The entire philosophical and religious canon consists of collective delusions, according to 19th-century German philosopher Friedrich Nietzsche. In Beyond Good and Evil, he constructs this argument with logical premises, insults toward his peers, and challenges to the assumptions underlying Western thought. He then offers an alternative worldview arguing that people are primarily motivated by a desire for power and domination.

Our guide covers Nietzsche’s critique of philosophy and his theory of the will to power—the desire for control and domination inherent to all living things. We also discuss his belief in subjective morality and his critique of Christian values. In our commentary, we explain the philosophy Nietzsche critiques, how Beyond Good and Evil fits into his other works, and how he influenced philosophers who came after him.

What’s the goal of our society and its laws? What should this goal be? In Justice, American political philosopher Michael Sandel explores how political philosophers throughout the ages have answered these questions. Then, he offers his own critiques, insights, and examples to show how these abstract theories can apply to real-life political and moral dilemmas.

In our guide to Justice, we’ll explore Sandel’s take on a number of major philosophical and political dilemmas like freedom versus welfare, reason versus virtue, and the individual versus the community. Then, we’ll examine the real-life political and moral dilemmas that Sandel uses to inform these contrasting views. Through our commentary, we’ll offer alternative philosophical views on justice, the history of philosophy, and the specific examples that Sandel offers.

Shooting selfies on vacation. Posting Facebook updates on our kid's graduation from pre-school. Garnering awards and promotions to add to our LinkedIn profiles. Guess what, America? We've become self-obsessed. In David Brooks’s The Road to Character, the New York Times columnist suggests we take a good hard look at ourselves and remember that we weren't always so narcissistic.

Brooks outlines the moral shift that took place after World War II when we transitioned from honoring humility, self-discipline, and public service to worshiping at the altar of "the Big Me." He also reminds us that our current self-focus isn't even making us happy. To help us recalibrate our moral compasses, Brooks details the lives of war heroes, civil rights activists, advocates for the poor, writers, and deep thinkers who've tackled the work of building moral character, then outlines a 15-point plan to help us live more virtuous—and ultimately happier—lives.